Details of deal that's bringing Foxconn to Wisconsin - WKOW 27: Madison, WI Breaking News, Weather and Sports

Details of deal that's bringing Foxconn to Wisconsin

Posted: Updated:

MADISON (WKOW) -- Taiwanese electronics manufacturer Foxconn plans to make a $10 billion capital investment in Wisconsin by building a campus with 20 million square-feet of floor space that will house up to 13,000 workers who will build LCD panels for flat-screen televisions.

After weeks of speculation, Gov. Scott Walker (R-WI) and House Speaker Paul Ryan (R-WI-1) joined President Donald Trump and Foxconn CEO Terry Gou in making that official announcement at the White House Wednesday.

"Today, we're announcing the single-largest economic development package in the history of the state of Wisconsin and one of the largest in the history of this country." said Gov. Walker.

The exact location of the campus has yet to be announced, but will be built somewhere in the southeastern part of the state according to Gov. Walker.

Wisconsin is promising an enormous incentive package to seal the deal.

That includes up to $1.5 billion in state income tax credits for job creation. up to $1.35 billion in state income tax credits for capital investment, and up to $150 million for the sales and use tax exemption. In all, Foxconn is eligible to earn $3 billion in tax credits over 15 years.

That package will have to be approved by the state legislature. Gov. Walker has called for a special session in order to get those incentives passed.

The timetable on those incentives is key, because Foxconn wants to start construction immediately to have manufacturing up and running by 2020.

The company plans to employ 3,000 workers at the outset, who would earn an average annual salary of $53,875.

The construction of the campus could support up to 10,000 jobs over the next four years and another 6,000 indirect jobs.

Foxconn currently employs 1.3 million workers worldwide, 700,000 in China alone. They manufacture products for companies such as Apple, Sharp,

President Trump took a lot of the credit for convincing Foxconn to manufacture products in the United States. This facility would the be the first LCD manufacturing facility outside of Asia.

"Chairman Gou put his faith and confidence in the future of the American economy. In other words, if I didn't get elected he definitely would not be spending $10 billion dollars," said President Trump.

Speaker Paul Ryan said President Trump deserves credit for making such investment in America a priority.

"One thing we know about this President is how committed he is to reviving American manufacturing and bringing jobs. This right here shows actual results," said Speaker Ryan.

Powered by Frankly